The Digest

• Overview of the crypto market: AVAX continues to shine. Number of Bitcoin addresses available at ATH.
• MoonPay closes Series A funding of $555 millions. Binance looks for sovereign wealth funds.
• Jerome Powell returns to the U.S. Fed Chair. What does this mean for Cryptography?
• Citi expands digital assets division to institutional investors by 100 new hires

Crypto Market Overview: Bitcoin & Ethereum continue to correct, AVAX shines. Number of Bitcoin addresses in ATH

After an incredible start to November that saw the market reach a record $3 trillion market cap, crypto markets have been subject to a prolonged correction. Market leaders Ethereum and Bitcoin lost significant value.

Bitcoin (BTC), which is currently valued at $56,389, has seen its value drop by 7.5% over the past week. BTC dominance has dropped to 41.8%, as Bitcoin’s market cap now stands at $1.062 trillion.

A seven-day chart showing the price of Bitcoin (BTC) Source: Tradingview

The world’s second-largest cryptocurrency, Ethereum, joined Bitcoin in the drop, losing 3.1% of its value in the last week. ETH now has a current value of $4145.21. This gives it a market capital of $491.36 million at the time this article was written.

This is the seven-day price chart of Ethereum (ETH). Source: Tradingview

While ETH, BTC are struggling, Altcoins continue to show gains. (AVAX has seen a more than 44% increase over the week. It reached an all-time record of $146.22 on Nov 21st. The price now stands at $126.84.

Avalanche’s seven day price graph (AVAX). Source: Tradingview

Crypto.com Coin’s (CRO), which has risen as high as 85% during the week, is now the best gainer among the top 20. The CRO value is $0.7703 now after an increase of over 13% within the last 24 hours.

A seven-day chart showing the price of Crypto.com Coin (CRO). Source: Tradingview

Flipsider:

• As the market shines, 38.76 millions addresses have Bitcoin accounts with non-zero balances.

MoonPay Closes Series A of $555 Million Funding. Binance Searches Sovereign Wealth Fonds

Crypto projects seeking institutional capital have been increasingly using funding rounds. MoonPay is a cryptocurrency payment service provider that raised $555million in Series A equity funding rounds.

MoonPay was launched in 2019 and is valued at $3.4 million as a result. The funding round was managed by Tiger Global, Coatue, and Coatue. MoonPay will use the money to further expand its services. It also plans on pursuing an IPO.

Binance is the market leader and it has joined this industry-newcomer to raise funds. In an interview, the CEO of Binance, Changpeng Zhao, announced the exchange’s plans to engage with sovereign wealth funds about potentially investing in Binance.

Zhao is confident that Binance will be perceived differently by sovereign wealth fund investors. Binance, after years of being a decentralized exchange has decided to establish its headquarters in Ireland and register its fourth entity.

Flipsider:

• CZ says Binance is not interested in partnering with sovereign funds despite its desire.

Jerome Powell is back as the U.S. Fed chair. What does this mean for Cryptos

Tuesday, November 22nd was the day President Joe Biden named Jerome Powell as the Chairman of the Board of Governors of Federal Reserve System. This is for a second term. Lael Brainard was also appointed Vice-Chair.

Former President Donald Trump appointed Powell in 2018. He will now serve the Fed Chair for the following four years. Powell’s job includes managing inflation and regulating the financial system.

According to analysts, Powell’s reappointment raises hopes that the relaxed monetary policies will continue. However, when it comes to cryptocurrencies, Powell and Brainard have been very averse to the asset class, believing that crypto shouldn’t operate without proper regulation.

Recent statements by the Fed Chair urged more regulation for stablecoins and assured crypto enthusiasts that there would be no ban.

Flipsider:

• Although they are not big crypto enthusiasts, Governor Brainard is linked to the push for U.S. central banks digital currencies.

Why you should care

Brainard and Powell are both institutionalists, who want regulators to be more in control of cryptocurrencies.

Citi expands digital assets division for institutional investors with 100 new hires

American multinational investment bank, Citigroup (NYSE:) announced that 100 additional employees will be joining its digital assets division. This is the second expansion of digital asset division by the banking giant. It was launched in June.

The digital asset team will be part of Citi’s Institutional Clients Group. Citigroup is expanding its reach to help institutional clients use blockchain technology to their business.

Citigroup has also named Puneet Singhvi head of its digital asset division. Singhvi previously served as the head of blockchain and digital assets within Citi’s global markets division. This change will occur on December 1.

Emily Turner is the head of digital assets at the moment and wrote a memo.

“[The Institutional Client Group’s]Digital asset initiatives are an extension of our blockchain work. Puneet’s ICG-wide team will be responsible for digital asset governance. They will also work closely with the second and third lines.

Flipsider:

• Elon Musk, the billionaire investor and entrepreneur has advised investors to avoid investing in crypto despite growing interest.

What You Need to Care About

Citigroup, one of the major players in banking that are interested in crypto is among many.

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